Global Wearable Medical Devices Market Growing by Leaps and Bounds at 16.40% CAGR 2015-2019

The rapid development of wearable medical devices is one of the most prominent trends that marked the progress of the healthcare and medical devices industry in 2015. Developing at an impressive CAGR of 16.40% from 2015 to 2019, the wearable medical devices market is only going to expand over the next coming years, according to Transparency Market Research. A new report by the market intelligence company states that the global wearable medical devices market is projected to grow from a value of US$2 bn in 2012 to US$5.8 bn by 2019.

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Rise in disposable income, growing investments in research and development, increasing demand for wearable devices, rising focus on health and fitness, intense competition among players, and remarkable advancements in technology are some of the key factors that boost the global wearable medical devices market.

Here are two of the latest developments in the wearable medical devices market:

Wearable Defibrillator for Children Gets FDA Approval

Earlier this month, the US Food and Drugs Administration (FDA) gave the green signal to a wearable cardioverter defibrillator developed by Zoll Medical. This device can be used for the treatment of sudden cardiac arrests in kids. Before this, doctors were forced to use off-label devices on their pediatric patients and this was always a cause for worry. This new device can be used for children who, due to lack of parental consent or medical conditions, are not eligible for an implantable defibrillator. The LifeVest continuously monitors the heart for arrhythmias and begins an alarm sequence if it detects an abnormal heart rhythm. By concurrently pressing two response buttons, the patient can prevent a shock if the treatment is not needed. In case the patient is unable to respond to the alarm, the device gives a verbal warning that the treatment shock is about to be delivered. The LifeVest was approved for adults in 2001.

Startup Develops OTC Version of Nausea Wearable Device

ReliefBand, a wristband device to quell and control nausea, was originally developed by Abbott Laboratories and later cleared by the FDA back in 1997. ReliefBand Technologies has now developed an over-the-counter version of that wearable device to eliminate the need for physicians and hospital intermediaries and bring the product directly to the consumers in need. While the ReliefBand is already available on Amazon, it will be available in retail outlets in the first quarter of 2016 after updating its usability and design. The startup recently raised US$5 mn to market the product and will unveil it next month at the Consumer Electronics Show in Las Vegas. There are over 60 million people in the world who suffer from motion sickness and another massive group of pregnant women who experience morning sickness. This device promises to treat the condition without any side effects.

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